FHA/ VA
What is the min credit score for FHA?
580
what loan is for best borrowers with good credit scores?
Conventional Loans.
Can the PMI be removed?
no, it can't be removed.
what does PMI stand for?
Private Mortgage Insurance.
People who don’t want to stay long, or might sell what is the average length in years?
low as 10 years.
Can the PMI be removed?
yes, once 80% of the loan is paid.
what loan is for best borrowers with good credit score looking to buy more expensive home?
Jumbo Loan
where do USDA borrowers usually live?
in a rural or eligible suburban area.
what is the major advantage of PMI insurance?
low down payments
People who want lower payments, or their r final home what is the average length of years?
high as 30 years.
what is the down payment for FHA?
3.5%
what loan is for best borrowers with lower credit scores and minimal cash for a down payment?
Government-backed loan.
What is the downpayment?
0% there is no downpayment.
what is the disadvantage of PMI?
it remains with a mortgage until the principle balance falles 80% below the value of the home.
what interest rate is for borrowers who'd prefer a practicable, set monthly payment for the duration of the loan.
fixed-rate mortgage
who is eligible for the VA loan?
only veterans and their spouses
what is jumbo loan good for?
Wealthy Families who want to purchase very large homes.
What is the credit score?
620
how do you avoid PMI?
make a downpayment of 20% or more
what interest rate is for borrowers who aren't planning to stay in the home for an extended period, prefer lower payments in the short term or are comfortable with possibly having to pay more in the future?
Adjustable-rate mortgage
what is credit score?
There is no minimum credit score.
what loan is insured by one of the 3 agencies?
Government back loan.
what is the upfront mortgage insurance?
1% of loan with .35% as Annual Premium
who benefits from PMI?
the lender
what are portfolio loans?
They are mortgages that are held by the lender, rather than being sold on the secondary market to another mortgage entity.